Financial Services

Smith Group Asset Management

During the fourth quarter of 2018, Financial Services stocks slightly outpaced the broad market, though the sector was still down significantly, and the Saratoga Financial Services Portfolio was no exception. The portfolio benefited from favorable stock selection within Life & Health Insurance companies; Insurance holdings accounted for four of the top ten performing holdings in the portfolio. The primary source of underperformance were the portfolio’s Regional Bank holdings. Two of the five worst performing holdings were regional banks. A number of the portfolio’s holdings were impacted by the ongoing trade disputes with China, which showed few signs of abating during the quarter.

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Information contained herein was obtained from recognized statistical services and other sources believed to be reliable and we therefore cannot make any representation as to its completeness or accuracy. Any statements not of a factual nature constitute opinions which are subject to change without notice.